El Salvador will issue Bitcoin bonds next according to the finance minister of the country so let’s find out more in today’s Bitcoin news.
The government will send around 20 bills to Congress in order to start the issuance of Bitcoin bonds. El Salvador will issue Bitcoin bonds as it announced last month. The country’s finance minister said the governemnt is moving ahead with the legislation. El Salvador is getting closer to this plan coming true and the country’s finance minister said the governemnt will send Congress 20 bills to get started with the process. President Nayib Bukele confirmed the news on Twitter.
El Salvador’s minister of finance, Alejandro Zelaya said that the bills will provide legal structure and certainty to everyone that buys the BTC bond. The goal is that $1 billion in bonds will be issued this year with half converted to BTC and the other half used for infrastructure and BTC mining. The government also hopes that the issuance will build a BTC city a tax-free enclave for the BTC supporters in the east part of the country powered by geothermal energy from nearby volcanoes. Zelaya noted:
“We are the first country to release a Bitcoin bond. And because we are the first country to do this, it needs to be regulated.”
He also added that the government was drafting the right legislation for the bonds to be released. El Salvador also became the first country to make BTC a legal tender. Businesses have to accept if they have the right technological equipment and the move was also praised by the BTC community but was criticized by the World Bank and the IMF. Citizens also protested against El Salvador’s BTC Law on a few occasions. The country’s BTC-loving president is announcing other crypt-related projects and the BTC bonds and a BTC city being the latest. El Salvador’s BTC bonds will be issued by Blockstream that is a company that helped the Lightning Network to make BTC transactions faster and expand in the country.
As recently reported, The El Salvador locals are reporting that their bitcoin holdings are vanishing from their accounts from their Chivo wallet. Accoridng to one Twitter user under the pseudonym El Comisionado, we can see that there are more than 50 examples of BTC going missing from Chivo wallets.
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